Filming has commenced on Disney’s star-studded real life drama Saving Mr. Banks. The film chronicles Walt Disney’s twenty-year pursuit of the film rights to author P.L. Travers’ novel Mary Poppins, and the rocky relationship that formed between the two. Tom Hanks will take on the daunting task of portraying Disney (the first time he’s ever been portrayed in a dramatic film), while Emma Thompson is set as Travers. Director John Lee Hancock (The Blind Side) has assembled a killer cast that includes Colin Farrell and Ruth Wilson (Anna Karenina) as Travers’ parents, Rachel Griffiths (Six Feet Under)as Travers’ aunt who was the inspiration for the character of Mary Poppins, Bradley Whitford (The West Wing) as screenwriter Don Dagradi, and Jason Schwartzman and B.J. Novak as the songwriting Sherman Brothers. Moreover, Paul Giamatti and Kathy Baker also appear in supporting roles.

Hit the jump for more on the project, including the film’s full synopsis.

Travers was hesitant to sell the Mary Poppins rights to Disney, as the book was highly personal and reflected hardships in her own life as well as her relationship with her father. As can be gleaned from the cast of characters, we’ll likely be seeing a number of flashbacks from the author’s childhood.

Though Disney is behind the feature, I’m hoping the film doesn’t shy away from some of the tougher aspects of Walt and Travers’ relationship. This ensemble rather fantastic, and I can’t wait to see Hanks’ iteration of the iconic Walt Disney. Production is scheduled to wrap up around Thanksgiving of this year for an unspecified 2013 release date.

Here’s the full press release, with the film’s synopsis in bold:

Los Angeles, Calif., September 19, 2012—Disney began production today on “Saving Mr. Banks,” the account of Walt Disney’s twenty-year pursuit of the film rights to P.L. Travers’ popular novel, Mary Poppins, and the testy partnership the upbeat filmmaker develops with the uptight author during the project’s pre-production in 1961.

Two-time Academy Award®-winner Tom Hanks (“Philadelphia,” “Forrest Gump”) will essay the role of the legendary Disney (the first time the entrepreneur has ever been depicted in a dramatic film) alongside fellow double Oscar®-winner Emma Thompson (“Howard’s End,” “Sense and Sensibility”) in the role of the prickly novelist. Before actually signing away the book’s rights, Travers’ demands for contractual script and character control circumvent not only Disney’s vision for the film adaptation, but also those of the creative team of screenwriter Don DaGradi and sibling composers Richard and Robert Sherman, whose original score and song (Chim-Chim-Cher-ee) would go on to win Oscars® at the 1965 ceremonies (the film won five awards of its thirteen nominations).

When Travers travels from London to Hollywood in 1961 to finally discuss Disney’s desire to bring her beloved character to the motion picture screen (a quest he began in the 1940s as a promise to his two daughters), Disney meets a prim, uncompromising sexagenarian not only suspect of the impresario’s concept for the film, but a woman struggling with her own past. During her stay in California, Travers’ reflects back on her childhood in 1906 Australia, a trying time for her family which not only molded her aspirations to write, but one that also inspired the characters in her 1934 book.

None more so than the one person whom she loved and admired more than any other—her caring father, Travers Goff, a tormented banker who, before his untimely death that same year, instills the youngster with both affection and enlightenment (and would be the muse for the story’s patriarch, Mr. Banks, the sole character that the famous nanny comes to aide). While reluctant to grant Disney the film rights, Travers comes to realize that the acclaimed Hollywood storyteller has his own motives for wanting to make the film—which, like the author, hints at the relationship he shared with his own father in the early 20th Century Midwest.

“Saving Mr. Banks” will film entirely in the Los Angeles area, with key locations to include Disneyland in Anaheim and the Disney Studios in Burbank. Filming will conclude around Thanksgiving, 2012, with no specific 2013 release date yet set.